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Turnberry Ocean Colony Sunny Isles Beach | Condo Sales & Trends March 2016

Turnberry Ocean Colony Sunny Isles Beach | Condo Sales & Trends

Turnberry Ocean Colony South & North Towers

Turnberry Ocean Colony South & North Towers

Sunny Isles Beach Luxury Condo Sales & Trends – March 2016

Sunny Isles Beach condo inventory has increased 22% since the prior 2015 blog post to 1,336 total condos for sale and 37 closed sales in the last 30 days (36 month supply). A healthy market is 6 months or less so to call this a strong buyer’s market is an understatement.

Sold via MLS database:

  • March 18th, 2016 – 107 YTD Sales with an average selling price per square foot of $359 PSF (17% Decrease)
  • 2014 – 918 Sales with an average sale price per square foot at $433 PSF (11% Increase)
  • 2013 – 1,006 Sales with an average sale price per square foot at $387 PSF (15% Increase)
  • 2012 – 1,051 Sales with an average sale price per square foot of $329 PSF (22% Increase)
  • 2011 – 1,066 Sales occurred at an average sale price per square foot at $258 PSF

In a contrast comparison of luxury oceanfront condos specific to Collins Avenue and over $500,000, we see 463 Sunny Isles Beach condos for sale today. There have been 23 closed sales this year averaging a selling price per square foot of $734 PSF and selling at 92% of list price (Average 8% buyer discount) at 209 days on market.

  • 2015 – 262 Sales with an average selling price per square foot of $740 (5% Increase)
  • 2014 – 331 Sales with an average selling price per square foot of $703 (12% Increase)
  • 2013 – 387 Sales with an average selling price per square foot of $616 (13% Increase)
  • 2012 – 365 Sales with an average selling price per square foot of $535 (5% Increase)
  • 2011 – 250 Sales with an average selling price per square foot of $506 (13% Increase)
  • 2010 – 184 Sales with an average selling price per square foot of $440

The top 10 luxury condo sales last year (2015) have an average sale price per square foot of $1,207 and an average asking price per square foot of $1,382 PSF with buyers purchasing at an approximate 12% discount.

Turnberry Ocean ColonyTurnberry Ocean Colony Condo Sales & Trends | Market Summary

In 2015, 11 sales occurred from $2M to $5.6M. The average selling price per square foot last year was $969 PSF. Prices today begin at $2.288M (2 Bedroom) and upwards of $9.499M (4 bedroom penthouse). We have an interesting year ahead of us with 28 Turnberry Ocean Colony condos available for sale and UHNWI owner’s who don’t necessarily have to sell. We are reminiscent of 2006 when there was a tug of war found for seller’s aiming high and patient buyer’s looking for great deals. We should not see much appreciation in either North & South Towers going forward into 2016; 2-5% anticipated at best. The average asking price per square foot today at $1,156 {$1,186 in 2015} while ‘sold values’ per square foot so far this year average $N/A PSF – Nothing has Sold.

2009 set a record low sale value for Turnberry Ocean Colony ($970k) while 2015 had the highest sale at $5.6M. 2011 was considered the turnaround year for the local Sunny Isles Beach market and notably, T.O.C. values did considerably well. Turnberry Ocean Colony South & North Towers will remain a strong contender for years to come yet we enter a new Miami market cycle with an unknown moving forward. The strong US dollar has the International buyer sitting on the fence and simply watching.

Turnberry Ocean Colony North Tower Condo Inventory & Sales

Turnberry Ocean Colony North Tower (16051 Collins Avenue) has 17 condos (13% inventory) for sale ranging in values from $2.299M (Exuma Model) to $6.2M for a 4 Bedroom, Eleuthera residence. The average Turnberry Ocean Colony North tower list price per square foot reflects $1,135. with the average selling price per square foot for the last six months reflecting $1,034 PSF at 120 days on market. The average sale to list price ratio is 90% (10% buyer discount).

It’s important to note there was just ONE sale in the last 6 months.

Turnberry Ocean Colony South Tower Condo Inventory & Sales

Turnberry Ocean Colony South Tower (16047 Collins Avenue) has 11 condo residences for sale today (8% inventory) with prices ranging from $2.288M to $9.499M. The average Turnberry Ocean Colony South tower list price per square foot reflects $1,189 PSF. There has also been just one sale in the last 6 months with the average

There has also been just one sale in the last 6 months with the average selling price per square foot of $978 PSF at 23 days on market. The average sale to list price ratio is 90% (10% buyer discount).

Selling at Turnberry Ocean Colony?

When hiring someone to sell or lease your Turnberry Ocean Colony condo, look for strong global marketing with intimate local market knowledge and a proven track record selling luxury condos in Miami. I market globally here on this website and other luxury condo websites found below. Visit me today for further details on our Marketing Strategy and you’ll find efficient results whether selling or leasing your property. Sunny Isles Beach luxury real estate is in the process of development releasing another 3,000+ condos within the next 2 years. Demand and supply are not balanced and as we see above, Turnberry Ocean Colony is no exception.

I released this addition to the Sunny Isles Beach condo collection in Feb. 2010 with the Turnberry Ocean Colony Sunny Isles website & blog to replicate the fun & success I had with the JADE Condos Sunny Isles. For an extraordinary International marketing presence, choose ONE Sotheby’s International Realty and Ashton Coleman. This International powerhouse along with my personal marketing plan is certain to showcase your luxury property to the world and to the right buyers.

Buying Turnberry Ocean Colony?

I’m a Miami area real estate specialist. Since 2002 I’ve sold & marketed my backyard and South Florida playground from Sunny Isles Beach to South Beach along with Aventura to Coral Gables. Price points at Turnberry Ocean Colony have shown us an uptick in sale prices since 2010 beginning in the high $1M’s and noting steady upswing with a renewed buyer confidence until 2016 in reference to Miami oceanfront real estate. The strong US Dollar plays an important role while a development frenzy sets the stage for inventory to rise outpacing the demand. There is no right or wrong time to buy but you do have leverage today in buying low.

The original Sunny Isles Beach condo resource MiamiDreamRealty.com showcases the entire luxury Southeast Florida MLS listing database while the Turnberry Ocean Colony property database accesses the MLS directly to show each new luxury property as they are listed. You’ll also find excellent Sunny Isles Beach condo index statistics at the Miami Beach Real Estate Blog. Access all properties for sale & rent, new condo updates, videos & sales statistics at this Turnberry Ocean Colony condo website & blog positioned at the forefront of these luxury oceanfront condo towers.

Let’s discuss Miami real estate.. call me at 305.978.7704!

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I’m a South Florida real estate broker-associate with the leading firm – ONE Sotheby’s International Realty. Whether you’re looking for corporate relocation, off-market properties, new construction, waterfront estates, condo resales, land for development, market trends or just plain good deals, I have it all ready for you. Gain fast access to the latest in real estate trends, sales & statistics, new listings, preferred developments, important South Florida news updates by signing up to the Monthly e-News to the right. My social media channels above are also a valuable resource!

The Miami Beach Real Estate Blog is a comprehensive online resource for Sunny Isles & Miami Beach real estate information. Contact me for the very best properties along Miami BeachSunny Isles BeachAventuraBal HarbourSurfsideNorth Bay Village and South Beach. I also cover premier areas of Fort LauderdaleKey BiscayneCoconut GroveCoral Gables and Bay Harbour IslandsSunny Isles Beach Penthouses are beyond the extraordinary with a few jaw-dropping properties available for sale. When you’re ready to buy, sell or lease in Miami or Fort Lauderdale, contact me at #888.383.7326. No pressure, just professional & honest advice.

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